Gifts of Real Estate

Outline of a Retained Life Estate Arrangement

Donate your personal residence (house, vacation home, farm) to charity and continue to enjoy it and live there rent-free for the rest of your life or a term of years. In exchange, you receive an immediate charitable income tax deduction.

Donor agrees to transfer title to the home to his/her charity
The charity agrees to take title to the donor’s home
The donor and the charity enter into a Retained Life Estate Agreement
The donor continues to live in the home for his/her/their lives
The donor will have full and complete use of the property during the life estate
The donor agrees to pay for all annual expenses of the property including real estate taxes, insurance premiums, home maintenance, landscaping, grounds care, etc. during the life estate
The donor agrees to pay for all necessary capital improvements required to the property such as roof repairs, siding repairs, electrical repairs, plumbing repairs, HVAC repairs, etc. during the life estate
The donor is entitled to an immediate charitable income tax deduction for the fair market value of the property minus the value of the retained life estate
The donor should have sufficient liquid assets to fulfill the care of the property
The donor should have sufficient liquid assets to meet any personal financial emergency
The donor should have sufficient liquid assets to meet any personal medical emergency
The charity will want to do an annual inspection of the property

Allen F. Thomas, JD, CAP
Thomas Charitable Advisors

RESOURCES

Major Gifts LLC
Tampa, Florida

800.490-7090
484.680.7800 local
Succeed@MajorGifts.com

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